Insider Selling: Griffon Co. (NYSE:GFF) CEO Sells $4,706,853.12 in Stock

Griffon Co. (NYSE:GFF) CEO Ronald J. Kramer sold 67,164 shares of Griffon stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $70.08, for a total value of $4,706,853.12. Following the sale, the chief executive officer now owns 2,102,503 shares in the company, valued at $147,343,410.24. This trade represents a 3.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Griffon Stock Performance

Shares of GFF stock opened at $73.80 on Friday. The stock has a market capitalization of $3.64 billion, a PE ratio of 17.45 and a beta of 1.31. Griffon Co. has a 52-week low of $44.71 and a 52-week high of $80.85. The stock’s 50-day moving average price is $67.53 and its 200 day moving average price is $66.82. The company has a quick ratio of 1.39, a current ratio of 2.66 and a debt-to-equity ratio of 6.74.

Griffon announced that its Board of Directors has authorized a share buyback plan on Wednesday, November 13th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the conglomerate to reacquire up to 10.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Griffon Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Monday, November 25th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 0.98%. The ex-dividend date is Monday, November 25th. This is a positive change from Griffon’s previous quarterly dividend of $0.15. Griffon’s payout ratio is currently 14.18%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Stephens lifted their target price on Griffon from $85.00 to $100.00 and gave the stock an “overweight” rating in a research report on Thursday. StockNews.com cut Griffon from a “strong-buy” rating to a “buy” rating in a research report on Friday. Finally, Robert W. Baird boosted their price target on Griffon from $84.00 to $92.00 and gave the company an “outperform” rating in a research report on Monday, October 21st. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Griffon has a consensus rating of “Buy” and a consensus price target of $87.25.

Institutional Investors Weigh In On Griffon

A number of institutional investors have recently added to or reduced their stakes in GFF. Quarry LP boosted its holdings in Griffon by 98.7% in the 2nd quarter. Quarry LP now owns 777 shares of the conglomerate’s stock valued at $50,000 after purchasing an additional 386 shares in the last quarter. Picton Mahoney Asset Management acquired a new stake in shares of Griffon in the 2nd quarter worth approximately $55,000. Plato Investment Management Ltd acquired a new stake in shares of Griffon in the 1st quarter worth approximately $65,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of Griffon in the 2nd quarter worth approximately $70,000. Finally, GAMMA Investing LLC grew its holdings in shares of Griffon by 56.9% in the 3rd quarter. GAMMA Investing LLC now owns 1,133 shares of the conglomerate’s stock worth $79,000 after acquiring an additional 411 shares during the period. Hedge funds and other institutional investors own 73.22% of the company’s stock.

About Griffon

Griffon Corporation, through its subsidiaries, provides consumer and professional, and home and building products in the United States, Europe, Canada, Australia, and internationally. The company operates through two segments: Home and Building Products, and Consumer and Professional Products. The Home and Building Products segment manufactures and markets residential and commercial sectional garage doors, rolling steel service doors, fire doors, shutters, steel security grilles, and room dividers for the use in commercial construction and repair, and home remodeling applications.